Vagus Nerve Stimulators Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2028
Global Vagus Nerve Stimulators Market: Overview
Increasing number of neurological diseases especially in developing economies is the key factor driving demand in the global vagus nerve stimulators market. Use of vagus nerve stimulation therapy helps in reducing neurological conditions such as neurological tremors and dyskinesia. Its application is also seen in while controlling bladder difficulties, restoration of hand gasp, and improves movement.
According to the data provided by the World Health Organization, globally 4.5% to 11% of illnesses are caused due to neurological diseases. Patients suffering from depression, asthma, and cardiovascular diseases are also treated with the help of vagus nerve stimulators.
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Global Vagus Nerve Stimulators Market: Notable Developments
Key market players are engaged in product improvement and product innovation. This will give them an upper hand against their competitors. Leading players are also engaged in strategic alliance that will strengthen their position against their rivals. Some of the recent developments seen in the global vagus nerve stimulators market include:
• The U.S. FDA gave approval to LivaNova Plc. for its VNS therapy system. This system is used for treating patient’s very young age (4 years) suffering with partial onset seizures that are refractory to antiepileptic medications.
• Recently, electroCore, Inc. launched a non-invasive vagus nerve stimulator – gammaCore. This stimulator is used for acute treating pain associated with episodic cluster headache in adult patients. It is a hand-held medical device functional at the neck and transmits gentle, patented electrical stimulation to activate the vagus nerve. This helps the reducing pain.
LivaNova, SetPoint Medical Corporation, PLC, MicroTransponder, Inc., Parasym Ltd., Beijing PINS Medical Co., Ltd., tVNS Technologies GmbH, and Nervana, LLC, are few other prominent players in the global vagus nerve stimulators market.
Global Vagus Nerve Stimulators Market: Trends and Opportunities
Number of cases increased due to depression has increased significantly in the last couple of years. According to the data provided by the National Institute of Mental Health, depression is one of the major cause behind mental disorder in the U.S. around 16.2 million people suffer from depression in U.S. in 2016. Moreover, number of people suffering from epilepsy are also increasing at a high rate and new cases are registered at a high rate. Thus with growing number of people suffering depressions and epilepsy has accelerated the global vagus nerve stimulators market.
Advanced Healthcare Practices Strengthened North America Vagus Nerve Stimulators Market
The demand for vagus nerve stimulators is high in North America, and this region is projected to hold larger share in the global vagus nerve stimulators market in the forthcoming years. Use of advanced healthcare system and growing advanced healthcare practices are the key reasons driving demand in North America vagus nerve stimulators market. Europe is also expected to contribute considerably due to increasing awareness among consumers about the benefits of advanced healthcare services.
On other hand, Asia Pacific is also expected to new growth opportunities in the global vagus nerve stimulators market. Rise in neurological disorders of different types has provided a fillip in Asia Pacific vagus nerve stimulators market. Moreover, high prevalence of depression, migraine, and epilepsy in countries like China and India has further augmented growth of vagus nerve stimulators in Asia Pacific region. Vagus nerve stimulators manufacturers needs to collaborate with regional authorities to spread awareness about these conditions and benefits of using this devices that will help in reducing number of patients suffering from epilepsy.
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The vast market research data included in the study is the result of extensive primary and secondary research activities. Surveys, personal interviews, and inputs from industry experts form the crux of primary research activities and data collected from trade journals, industry databases, and reputable paid sources form the basis of secondary research. The report also includes a detailed qualitative and quantitative analysis of the market, with the help of information collected from market participants operating across key sectors of the market value chain. A separate analysis of macro- and micro-economic aspects, regulations, and trends influencing the overall development of the market is also included in the report.
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